Money News Wall Street sinks on inflation fears: techs lead losses

Wall Street sinks on inflation fears: techs lead losses

-

- Advertisment -

The best-performing stocks in 2020 – Apple, Amazon.com, Microsoft, and Alphabet – lost as much as 2.4%, leading the declines in the S & P500. Investors fear that accelerating inflation could cause the Fed to tighten its monetary policy faster than expected.

Major Wall Street indices fell Tuesday, weighed down by tech-related stocks as investors fear a pickup in inflation could cause the Federal Reserve to tighten its monetary policy faster than expected.

The Dow Jones Industrial Average was down 1.3% at 34,293.66 units; the S & P500 index lost 0.8% to 4,154.50 units; and the Nasdaq Composite also fell 0.05% to 13,395.41 units.

The best-performing stocks in 2020 – Apple, Amazon.com, Microsoft, Google’s parent, and Alphabet – lose 0.6% to 1%, leading the declines in the S&P.

The 10 members of the NYSE FANG + TM index, which includes the FAANG group of stocks along with Tesla, Alibaba and Twitter Inc, declined 1%, extending the loss of capitalization of this market measure to more than 442,000 million dollars in what that goes this month.

Yields on benchmark 10-year US Treasuries hit a session high at 1.629% before the consumer price report, due out Wednesday.

Investors became increasingly suspicious of the rapid rise in prices, despite the Fed’s reiteration on several occasions that whatever inflation there is will be transitory.

“We’ve seen a rise in the price of raw materials, the economic data has been very strong and a rate hike has really put pressure on the technology complex,” said Dan Eye of Fort Pitt Capital Group. “If you value a high-growth company based on the earnings it will have in 10 years, that will be worth much less today because of the high levels of inflation.”

The major sectors of the S&P were trading in the red. The energy sector yielded 1.8%, leading the losses due to the decline in crude prices.

Gina Carson
Gina Carson is a The Advertiser Mirror correspondent who covers politics, business, trend, lifestyle, entertainment and worldwide news. Gin is a talented girl of 21 years old who is fascinating with journalist work.

Latest news

Demi Lovato launched a mask collection to celebrate LGBT + Pride Month

After declaring herself gender non-binary and changing her pronouns to they/them, Demi Lovato has dedicated herself to giving more visibility to her community and supporting causes in favor of it.

What is Ethereum Max? The crypto that Kim Kardashian has backed for half a million

Kim Kardashian, who this Monday shared a story on her Instagram account that has 210 million followers promoting the Ethereum max token (EMAX).

Mixed sign on Wall Street as the focus shifts to the Federal Reserve

Wall Street registers mixed sign at the beginning of the session on Wednesday awaiting the Fed. The three main US indices continue to be in the maximum zone.

Russia Wants Putin-Biden Meeting To Boost Dialogue On Arms Control

The Government of Russia expressed its desire on Tuesday that the meeting between the presidents of Russia and the United States, Vladimir Putin and Joe Biden.
- Advertisement -

The “Buffett indicator” soared 133% and a stock collapse is feared in the coming months

Analysts say that Warren Buffett's gauge anticipates that the global stock market is overvalued relative to the world economy. Is a new witch born?

This is Paul Tudor Jones’ trio of aces to win on the stock market with inflation

Inflation is here to stay. Says Paul Tudor Jones, legendary and billionaire investor and manager of hedge funds (or hedge funds),...

Must read

- Advertisement -

You Might Also LikeRELATED
Recommended to you